Glenmark Pharmaceuticals Ltd. said on Monday that it has appointed Anurag Mantri as president with effect from April 7.
The announcement came as VS Mani, Glenmark's executive director and global CFO, decided to take early retirement and step down from both roles on May 26. He will continue with the company for a limited period to assist with the transition.
Mantri's candidature for executive director and global CFO will be presented to the Audit Committee, Nomination and Remuneration Committee and the Board at their upcoming meetings, the company said. His appointment to those roles will take effect once approvals are in place.
Mantri was chief financial officer of Jindal Stainless from February 2017 until April 4. He has more than 24 years of experience in business finance and strategic planning.
He has held senior roles at Schneider Electric, Cairn Energy, HCLTech, SRF and Larsen & Toubro, working across initial public offerings, mergers and acquisitions, corporate finance, treasury, investor relations, financial planning and analysis, and business strategy. His experience spans multiple sectors including oil and gas, energy, infrastructure, IT, manufacturing, solar, telecom, financial services and consultancy.
Glenmark Pharma stock has fallen over 6.79% year-to-date and 47.42% in the past 12 months. In comparison, the Nifty has fallen 3.13% year-to-date and 1.74% in the last year.
Out of 13 analysts tracking the company, eight maintain a 'buy' rating, three recommend a 'hold', and two suggest 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 14.1%.
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